Days after fuel price reduction, PPMC says markers can't dictate prices

Days after fuel price reduction, PPMC says markers can't dictate prices

- It is yet to be known if there would be crisis in the petroleum sector anytime soon with a recent explanation on the pricing of petrol

- A government agency is insisting that the marketers of petroleum products cannot dictate the price of petrol in the country

- The agency says it will continue to monitor developments in the sector and advise as necessary

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There is a kind of uncertainty in the petroleum sector following fresh information from the Petroleum Products Pricing Regulatory Agency (PPPRA).

The information has to do with fixing of prices for fuel products in the country.

This is coming just days after the new pump price for the premium motor spirit, better known as petrol, was fixed at N121.22 per litre.

It is, however uncertain if this development is likely to create a major crisis in the oil sector in the coming days, especially with the initial reports that the marketers would now have the power to fix prices as they deem fit.

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The PPMC, in a statement on Sunday, June 7, gave the hint when it declared that the marketers cannot fix price of fuel in the country.

The statement by Abdulkadir Saidu, executive secretary of PPMC, said its publication that gave a legal backing to the new policy does not give the marketers the right to fix prices as they want.

The statement added that the PPMC will continue to monitor market trends and advise the Nigerian National Petroleum Corporation (NNPC) and the oil marketing firms on the monthly market-based guiding price.

It added that this task would include the indicative retail price at which the product shall be sold across the country.

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Legit.ng had reported that the federal government recently ordered the reduction in the pump price of premium motor spirit from the N125 to N123.50 per litre.

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The development comes barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 per litre.

In a statement released on Tuesday evening, March 31, Abdulkadir Saidu, the executive secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), said the guiding price takes effect from Wednesday, April 1.

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